Days on Market Grew YOY for First Time in 3 Years

Houses are not flying off the market quite as fast as they used to in some of the nation's hottest housing markets, especially in San Jose, Calif., Portland, Ore., and Seattle.

The typical for-sale home in the U.S. increased its median days on market to 55 days from 54, year-over-year in January 2019. For the three Western metros analyzed in Redfin's study, the median days on market increased annually by 33 days in San Jose, 32 days in Seattle, and 22 days in Portland in January. Portland-based Redfin agent Daniel Brooks says that there's less urgency among buyers in this year's market, “[They] are not worried about losing out on homes and more than willing to wait for a seller to drop her price. With front-row seats to a rapidly changing market, 2019’s buyer is savvy and is adapting quickly to the new normal.”

While we are not seeing as dramatic a slowing trend nationwide, early 2019 marked the first January with year-over-year increase in days on market in three years. The typical home that sold during the four-week period ending January 27 took 55 days to find a buyer, up from 54 days a year earlier. Previously days on market had been declining every year since 2015, when the typical home took 71 days to find a buyer during the same period.

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